[Resolved]  ICICI Insurance Life Time Policy — An Application for Refund of Money, which ICICI Prudential Grabbed from me by Misrepresentation & cheating

To, Date: 25 May 2009

The Grievance Redressal Officer,
ICICI Prudential Life Insurance Company Ltd.,
ICICI Pru Life Towers, 1089
Appasaheb Marathe Marg, Prabhadevi,
Mumbai 400025. Tel.: 40391600


Sub: An Application for Refund of Money, which ICICI Prudential Grabbed from me by Misrepresentation & cheating


Dear Sir/Madam,


I, the undersigned applicant do hereby submit as under:

1. That on 13 June 2006, in ICICI Bank, Connaught Place New Delhi, that applicant went there to withdraw the money from FCNR account and there One Mr. Anand Kumar claimed himself to be an employee of ICICI prudential. He allured and tempted the applicant to invest Rs. 2, 25, 000/-(Rs. Two Lacs and Twenty Five Thousand ) in a scheme in which his invested Money shall become Rs. 6, 25, 000/-/-(Rs. Six Lacs and Twenty Five Thousand ) after expiry of three years and further assured that now onward the applicant will not require to pay any installment and he shall receive the Sum of Rs. 6.25 Lacs after three years, on the deposited Sum and further assured, that the applicant can avail the loan facility as well & such increment from Rs. 2, 25, 000/- to 6, 25, 000/-shall be tax exempted and shall also provide the applicant protection of insurance as well & in this manner Mr. Anand Kumar tempted thus the applicant then and there itself, handed over the cheque of Rs. 2, 25, 000/- and Mr. Anand Kumar got signature on the blank form and applicant fell in the trap.

2. That in the first week of July 2006, the applicant received the Policy documents and after going through the same, he came to know that it is the ICICI Prudential Life Insurance, "Life Time" Policy and Policy commenced on 14.06.06 and in which Death Benefits Rs. 10, 00, 000/- /-(Rs. Ten Lacs) and Accidental Disability Benefits Rs. 10, 00, 000/-(Rs. Ten Lacs). After Going through the Policy Documents, the applicant, within Free Look up period of 15 days, wrote letter to the company for cancellation of the given above said Policy since the applicant didn't agree to such terms and conditions of the Policy Documents.

3. The Company Received the Letter (Copy enclosed) and not acted as per requirement but acted in wrongful manner, ignoring the interest of the applicant, thereby jeopardized the applicant's interest.

4. That in the Month of Nov. 2006, the applicant received 2nd Policy Documents and the applicant kept the documents in 'Utmost Good Faith' did not read the terms & condition of the provided policy.

5. Later on the applicant came to know that they have issued the applicant yet another wrong Policy, amounting to the breach o[censored]tmost good faith. Since even the terms & conditions of their Policy are also not acceptable to the applicant.

6. That applicant got surprise of life time when the same company asked him to pay 2nd installment of premium in the month of Sept. 2007, which he declined, but then the company threatened the applicants that his money will be forfeited, fearing the worst he paid, but after much haggling the company made the applicant to pay Rs. 1, 80, 000/-(Rs. One Lacs and Eighty Thousand).

7. At the time of Second Installment, when the company representative (Mr. Anand Kumar) came and asked for the second installment, the applicant apprised him of his (applicant’s) pathetic situation and expressed his helplessness, and the applicant claimed back his deposited money. The company Representative assured applicant that he/company will do the needful and he/company will get applicant back the deposited money once the applicant make the request in writing, at that moment the company representative got blank paper signed from the applicant and thereby the company representative/Company committed fraud upon the applicant.

8. Now in the month of Sept 2008, the Company again asked 3rd Installment of Premium and then the applicant checked the policy Documents and to the utter surprise of the applicant, that he had received the second Policy Documents which commences of 1st Sept. 2006 sir/madam it is pertinent here to mention that this policy documents were also issued on the same Receipt Numbers[protected] as well as on the same date of receipt of Proposal Form i.e. 14 June 2006. Now, in the 2nd Policy Documents initial Death Benefits changed from Rs. 10, 00, 000/- (Rs. Ten Lacs) to 11, 25, 000/- (Rs. Eleven Lacs and Twenty Five Thousand ) and Accidental Disability Benefits remained same . The Age has been shown as 40 years instead of 39 of the applicant. Sir This Policy could not be issued as per IRDA Law since the issuance of this policy had been stopped since 30th June 2006.

9. In this way the applicant has been cheated of Rs. 4, 05, 000/- by your company.
As per seeing his family and financial status he had no need of life insurance Policy, because first he is single, having no family, secondly he was unemployed, then why this kind of Policy has been given/issued to him without clarifying/explaining to him about all the pros and cons of the same.
Thus yourgoodself is requested to graciously refund the Money of Rs. 4, 05, 000/- to the applicant along with interest till realization of the same.

Looking forward for your earliest response.


Thanks & Regards


Name of Applicant,

Ramesh Lal
49/2, Pratap Nagar
Mayur Vihar Phase I
New Delhi 110092

Mail Address: Ramesh Lal,
C/o: Jai Kishor, 109/13
3rd Floor Amrit Puri,
Opp. ISKON Temple, East of Kailash,
New Delhi. 110065,
Ph.[protected] call before 10.00 A.M and after 8.00 P.M)
Email : rameshlal.[protected]@gmail.com
Mobile: [protected]

Bearer of Disputed Policy,
Name of Policy Life Time
Policy No: 02941442
D.O.C 1st Sept 2006
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Aug 13, 2020
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